Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
A p/e of over 20 for a house builder is stretching a point.
Active management in long term decline as punters unwilling to pay the fees. So only solution is market consolidation to enable reduction in fees by consolidating staff (i.e. sackings)and rationalising property, regulatory, IT costs and many others
Disagree about takeover. £150m market cap plus premium plus debt, say £300m for a predator. Petty cash for the big boys to take out a competitor with a well recognized brand name, albeit somewhat tarnished. Pension fund might be a deterrent though.
BoD have rolled over too easily.
Running to stand still.
Revenues up, but no flow through to bottom line. More importantly cash flow is somewhat ugly. Confiture demain peut etre.
It buys companies upon companies, building up debts, foggy accounting. Always an accident waiting to happen.
But they probably wish that they had never touched.Ocado with a bargepole
I expect the teenage scribblers bought most of the 20% on offer hoping to persuade some mug to takeover this dog.
If buybacks increase the NAV per share, one wonders why equity capital is needed at all. The answer is that it is only a short term sugar rush as the borrowings to finance this largesse will over time cost more than they would have done had the buyback not occurred in the first place. But of course the management would have moved on by then, leaving their successors to pick up the pieces.